StockMarketWire.com - Sportech reported adjusted profit before tax of £1.5m in the first half of 2017, up from £1.1m last year.

HIGHLIGHTS:

- Technology investment delivering global expansion in Asia (Hong Kong), Europe (Denmark and Netherlands) and the US (additional Connecticut licensing)

- Group cash of £76.2m at 30 June 2017, and no bank debt following the cancellation of the bank facility, which totalled £75m at 30 June 2016

- Successful VAT claim - final receipt of outstanding cash in March 2017 taking refund to £97m

- Returned £21m to shareholders through tender offer in March 2017

- Following shareholder approval, Court process commenced to create approximately £55m of reserves to enable a substantial return to shareholders

- Completion of £83m sale of The Football Pools announced on 26 June 2017

- Total Group EBITDA of £3.9m from continuing operations (2016: £4.1m)

FINANCIAL HIGHLIGHTS:

- Revenue up by 5% but reducing on a constant currency basis by 7%, primarily due to timing delays in the completion of one-off system sales, with a corresponding impact on EBITDA

- Statutory loss before tax improved by £0.7m

- Sportech Racing and Digital - EBITDA of £3.9m, down £0.9m on a constant currency basis, due to timing delays in system sales, offsetting the improvement in quality of earnings with growth in recurring revenues

- Sportech Venues - EBITDA of £1.7m, on a constant currency, in line with last year

- The group generated approximately £6m of cash from the Football Pools during the period prior to disposal for a further £83m


At 8:02am: [LON:SPO] Sportech PLC share price was +2.13p at 98.63p



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